Navigation Links
AMDL First to Implement US & China-Based, GAAP-Certified Accounting Technology to Capitalize on Lucrative China Healthcare Market

Company announces implementation of Kingdee enterprise accounting system across its US & China-based operations

TUSTIN, Calif., Jan. 29 /PRNewswire-FirstCall/ -- AMDL, Inc. (NYSE Alternext US: ADL), a vertically integrated pharmaceutical company with operations in China and the US, announced today it is implementing a state-of-the-art, westernized enterprise accounting system across its US and China-based operations.

Developed by China-based Kingdee International Software, the new accounting system runs on a high-speed, point-to-point dedicated server system to completely streamline end-to-end accounting practices, financial reporting, taxation, corporate governance and controls to deliver real-time financials. The accounting system has already been implemented in AMDL's US-based headquarters and implementation across the Company's China-based pharmaceutical operations underway.

Over the past four years AMDL has seen over 100% year-over-year growth and anticipates continuing this trend for fiscal year 2009 where it is once again forecasting at least 100% sales growth. Management's decision to implement the new Kingdee accounting system is an instrumental part of the Company's plan to increase financial transparency, manage and run all operations on a real time basis, based on best business practices and standards.

According to AMDL's Chairman and CEO, Mr. Douglas MacLellan, "This implementation represents Kingdee's first US technology deployment, making AMDL the only China-based, US publicly-traded Company to operationalize an accounting system that meets the demanding and rigorous requirements of US GAAP-certified accounting standards. We took a very cost-effective and diligent approach in choosing Kingdee and we believe the system gives AMDL internal controls financially and operationally over our Chinese company publicly listed on a US exchange."

With more than 26 years experience in Chinese business management and 12 years experience specifically in the China pharmaceutical industry, Mr. MacLellan also commented, "With China's health care spending projected to grow at 11% through 2012 and a $586 billion stimulus package focused on bringing universal healthcare to its 1.3 billion citizens, AMDL is in a tremendous position for exceptional growth and its absolutely imperative AMDL is operationally prepared to account for that growth. Implementing a state-of-the art system like Kingdee is an instrumental part of our operational plan and provides a critical layer of control and reporting confidence to the Company, our partners, customers and valued shareholders."

According to James Shen, publisher of Healthcare Journal Pharma China, "China's pharmaceutical sector has shown double-digit annual growth for the past two decades, with 2007 growth coming in at nearly 20%". (2008 figures have not yet been released.) Omair Azam, marketing forecasting manager at Synovate Healthcare in Beijing, projects that the Chinese market will continue to show a growth rate of 12-15% per annum for the next five years; by contrast, growth in Europe and the US is expected to hover around the 2-5% mark.

Mr. MacLellan continued, "Despite China's slightly toned down 6-7% GDP growth rate for FY2009, this market is far from approaching a recession. China's industry earnings growth is expected to outperform the US next year, making China-based companies a strong buy -- particularly as investors look to put cash reserves back to work in the equities markets. These sentiments were corroborated by Mr. Neil Shen, industry pundit and managing partner of Sequioa Capital China, where he has recently indicated China is where continued gross domestic product expansion and steady consumer spending will help to sustain profits and China's GDP gains."

In addition to the Kingdee system, AMDL has taken additional steps to operationalize other best business practices and standards across its US and China-based operations. Today's announcement on the implementation of GAAP-certified accounting system is just one in a thorough list of operational excellence protocols the Company is enforcing. Others include:

  • Establishing a US FDA, GMP-approved and ISO 13485-certified manufacturing facility in Tustin, California and four cGMP manufacturing facilities in Jiangxi and Jilin provinces in China.

  • Securing tenured, contractual distributor relationships with exclusivity clauses that enable AMDL's distributors to distribute and sell the Company's products in key China markets as well as Europe, South America and US without facing outside competition. Distributors engaged with the Company have remained in contract with AMDL on average for <period> and the Company continues to bring new distributor relationships onboard.

  • Implementing Sarbanes-Oxley (SOX) compliant internal control structures and procedures by 2009.

About AMDL:

Headquartered in Tustin, CA with operations in Shenzhen, Jiangxi, and Jilin, China, AMDL, Inc., along with its subsidiary Jade Pharmaceutical Inc. (JPI), is a vertically integrated pharmaceutical company devoted to the research, development, manufacturing, and marketing of diagnostic, pharmaceutical, nutritional supplement, and cosmetic products. The company employs over 490 people in the U.S. and China.

Forward Looking Statements:

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this document include certain predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the performance of joint venture partners, as well as other economic, competitive and technological factors involving the Company's operations, markets, services, products, and prices. With respect to AMDL Inc., except for the historical information contained herein, the matters discussed in this document are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.

    AMDL Contact:
    Kristine Szarkowitz 
    Director-Investor Relations
    (Tel :) 206. 310.5323

Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. CuraGen Reports Fourth Quarter 2008 Financial Results; Provides Milestone and Financial Guidance for First Half of 2009
2. Worlds first mandatory national nanotech rule pending
3. Medarex Announces Allowance of Investigational New Drug Application for Companys First Antibody-Drug Conjugate, MDX-1203
4. Kensey Nash Reports Strong Second Quarter and First Six Month Fiscal Year 2009 Results
5. International Guidelines for First-Line use of Freelite(TM) in Diagnosis and Management of Multiple Myeloma to be Published in "Leukemia"
6. AMDL, Inc. Announces 2009 Financial Guidance and First Quarter Business Objectives
7. Australian Authorities (TGA) First to Grant Final Product Approval for Intercells Vaccine to Prevent Japanese Encephalitis
8. MultiVu Video Feed: Geron Receives FDA Clearance to Begin Worlds First Human Clinical Trial of Embryonic Stem Cell-Based Therapy
9. ScienceFirst Staff Expansion
10. Varian, Inc. Announces First Quarter 2009 Preliminary Results
11. Verenium Announces First Commercial Cellulosic Ethanol Project
Post Your Comments:
(Date:10/11/2017)... ... October 11, 2017 , ... Disappearing forests and increased emissions are the main ... people each year. Especially those living in larger cities are affected by air pollution ... of the most pollution-affected countries globally - decided to take action. , “I knew ...
(Date:10/10/2017)... Philadelphia, PA (PRWEB) , ... October 10, 2017 ... ... University City Science Center’s FirstHand program has won a US2020 STEM Mentoring Award. ... accept the award for Excellence in Volunteer Experience from US2020. , US2020’s mission ...
(Date:10/10/2017)... ... 10, 2017 , ... The Pittcon Program Committee is pleased ... scientists who have made outstanding contributions to analytical chemistry and applied spectroscopy. Each ... leading conference and exposition for laboratory science, which will be held February 26-March ...
(Date:10/9/2017)... ... October 09, 2017 , ... ... the medical journal, Epilepsia, Brain Sentinel’s SPEAC® System which uses the surface ... detecting generalized tonic-clonic seizures (GTCS) using surface electromyography (sEMG). The prospective multicenter ...
Breaking Biology Technology:
(Date:4/11/2017)... N.Y. , April 11, 2017 ... fingerprints, but researchers at the New York University ... College of Engineering have found that partial similarities ... security systems used in mobile phones and other ... thought. The vulnerability lies in the ...
(Date:4/5/2017)... , April 5, 2017 Today ... announcing that the server component of the HYPR platform ... for providing the end-to-end security architecture that empowers biometric ... HYPR has already secured over 15 million users ... including manufacturers of connected home product suites and physical ...
(Date:3/30/2017)... ANGELES , March 30, 2017  On April ... Hack the Genome hackathon at Microsoft,s ... exciting two-day competition will focus on developing health and ... Hack the Genome is the ... been tremendous. The world,s largest companies in the genomics, ...
Breaking Biology News(10 mins):